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"Bank of America recognizes that housing plays a critical role in stabilizing communities and advancing economic development, and we continue to look for ways to support innovative programs that will help individuals and families access and retain affordable housing"

The Bank of America Charitable Foundation today announced that it is
awarding $22 million in grants to nonprofits that build and rehab
affordable housing, offer foreclosure prevention services and homeowner
counseling, and provide other services intended to revitalize
neighborhoods and help working families find and keep suitable homes.

These grants will support more than 650 national and local community
nonprofits in 34 states. In addition, information provided by the
nonprofit grantees estimates the funding will benefit more than 31
million people, providing nearly 8,000 new affordable housing units and
rehabbing over 11,000 units. Supporting housing nonprofits is one
component of the company’s community focus on housing, jobs and hunger –
three areas that are critical to stimulating the national economic
recovery. Bank of America recently issued a request for proposals for
nonprofits providing education, job training and workforce success
programs and will issue a similar request related to critical needs,
including hunger later this year. The company continues to focus on low-
and moderate-income communities that have been hardest hit in the
economic downturn.

“Bank of America recognizes that housing plays a critical role in
stabilizing communities and advancing economic development, and we
continue to look for ways to support innovative programs that will help
individuals and families access and retain affordable housing,” said
Kerry Sullivan, president, Bank of America Charitable Foundation. “Our
partnerships with local and national organizations that address housing
needs are just one of the ways we’re working to help improve local
economies across the country.”

As part of the company’s integrated approach to addressing community
challenges, about 42 percent of the nonprofits receiving support from
Bank of America offer housing services alongside other programs designed
to strengthen families’ financial stability, such as SNAP (Supplemental
Nutrition Assistance Program, formerly the Food Stamp Program).
Additionally, some of these nonprofits also work to ensure that
affordable housing is energy efficient, which not only reduces
environmental impacts but also lowers energy costs for renters and
homeowners.

One of the national grant recipients is Mercy Housing, Inc., which will
receive $375,000 to support the preservation of existing affordable
housing, develop new units and provide integrated services that help
families facing foreclosure stay in their homes, achieve financial
stability and build assets. Mercy Housing has programs in Alabama,
California, Georgia, Idaho, Illinois, South Carolina, Washington and
Wisconsin.

Most of the funding announced today supports local nonprofits like
Plymouth Housing Group in Seattle, Washington, which works to eliminate
homelessness and support low-income people in downtown Seattle. The
$25,000 grant will support the expansion of a new initiative, The
Recovery Support Program, which will assist homeless adults recovering
from addiction with housing, counseling and in-house support. The
Recovery Support Program will be available at The Williams Apartments, a
new 81-unit building now under construction in the South Lake Union
neighborhood. Half of the 81 residences will be reserved for homeless
veterans. The Williams Apartments will be a LEED®-certified,
sustainably-built building.

In addition to financial support, Bank of America’s employees give their
time, passion and expertise to address housing needs through
volunteerism. In 2011, bank employees donated more than 455,000 service
hours in partnership with organizations like Habitat for Humanity,
Rebuilding Together and Operation Homefront.

Philanthropic and volunteer support are just a few of the ways that Bank
of America continues to address the foreclosure crisis and help
revitalize neighborhoods. The company has completed more than one
million loan modifications since 2008 and participated in more than
1,000 mortgage outreach events since 2009. Bank of America has also
opened 50 customer assistance centers in 25 states hardest hit by
foreclosures, providing distressed homeowners face-to-face counseling
and assistance.

Bank of America is the largest investor in Community Development
Financial Institutions (CDFIs), with more than $1 billion in capital in
more than 200 CDFIs in 45 U.S. states, the District of Columbia and
Puerto Rico, financing affordable housing, community facilities,
nonprofits, small businesses and micro-enterprises. In 2011, the company
invested more than $443 million in CDFIs that primarily fund affordable
housing initiatives across the U.S.

Bank of America Corporate Social ResponsibilityBank of America’s
commitment to corporate social responsibility (CSR) is a strategic part
of doing business globally. Our CSR efforts guide how we operate in a
socially, economically, financially and environmentally responsible way
across more than 100 markets around the world, to deliver for
shareholders, customers, clients and employees. Our goal is to help
create economically vibrant regions and communities through lending,
investing and giving. By partnering with our stakeholders, we create
shared value that empowers individuals and communities to thrive and
contributes to the long-term success of our business. We have several
core areas of focus for our CSR, including responsible business
practices; environmental sustainability; strengthening local communities
with a focus on housing, hunger and jobs; investing in global leadership
development; and engaging through arts and culture. Learn more at www.bankofamerica.com/opportunity
and follow us on Twitter at @BofA_Community.